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New MPs, New Ministries: Bangladesh's Shift Toward Market Fundamentalism

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  Published in Politics and Government on Tuesday, December 23rd 2025 at 7:50 GMT by The Daily Star

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MPs, Ministerial Posts and the Rise of “Market Fundamentalism” in Bangladesh’s Commodity Sector
(A Summary of The Daily Star article by CPBS Selim, 6 December 2024)

The Daily Star’s feature “MPs, ministerial posts, commodities under market fundamentalism” – penned by CPBS Selim – offers a penetrating look at the intersection of politics, policy, and the everyday lives of Bangladesh’s farmers, traders and consumers. At its core, the piece examines how the recent reshuffle of ministerial portfolios and the continued march of “market fundamentalism” are reshaping the country’s commodity landscape. Below is a detailed summary that pulls together the article’s key arguments, the background context supplied by its internal links, and the broader implications for Bangladesh’s food and trade security.

1. The Political Landscape: New MPs, New Ministers

The article opens by noting that the National Assembly’s latest electoral cycle has produced a significant number of fresh MPs. Of these, a sizable contingent has been earmarked for ministerial roles, many of them in ministries that directly influence the commodity chain – from the Ministry of Commerce and the Ministry of Food to the Ministry of Textiles and Jute. CPBS Selim emphasizes that the government appears to be rewarding MPs who have shown a strong commitment to “market‑driven” approaches, thereby embedding a new ideological bent into the executive.

Through internal links to the Daily Star’s “Ministerial appointments in 2024” archive, readers can trace how the cabinet reshuffle has amplified the representation of MPs from key agricultural and trade constituencies. The piece points out that several newly appointed ministers are themselves former traders or business owners, reinforcing the narrative that the state is increasingly leaning on private‑sector experience rather than public‑sector oversight.

2. What Is “Market Fundamentalism”?

Selim adopts the phrase “market fundamentalism” to describe the prevailing political philosophy that markets, left to their own devices, will allocate resources most efficiently. The article argues that this ideology, popular in the 1990s and re‑emerging today, translates into a push for liberalised trade, deregulation of commodity pricing, and a reduction in government intervention in the agricultural sector.

A linked piece on “The Economics of Price Controls in Bangladesh” provides a useful historical backdrop: during the 1980s and 1990s, the government introduced price controls on staples such as rice and sugar to protect consumers. The article suggests that the current fundamentalist tilt seeks to unwind these controls, arguing that “price volatility is a natural market signal that can help coordinate production and consumption.”

3. Commodities Under the Lens

Selim then focuses on the specific commodities that are most affected by the new policy direction: rice, jute, tea, and fish. Using data from the Bangladesh Bureau of Statistics (linked in the article), the author notes that rice, which constitutes about 60 % of household consumption, is already subject to a complex web of subsidies, price controls, and import duties. The new ministers are advocating for a gradual phasing out of subsidies, citing the need to free up fiscal space for other development priorities.

Jute and tea – long‑time export staples – are portrayed as vulnerable to the very market forces the new ministers hope to harness. The article warns that a sudden removal of export controls could expose smallholder farmers to price spikes and reduce the profitability of these crops. For fish, which supplies a major protein source to the population, the article highlights concerns about over‑fishing and the lack of robust market regulation to ensure sustainable harvest levels.

4. The Critique: From Stability to Volatility

A central theme of the article is the critique of market fundamentalism’s potential to destabilise commodity markets and hurt vulnerable populations. Selim argues that while the theoretical underpinnings of free‑market policy may promise efficiency, the real‑world outcome in Bangladesh has been a surge in price volatility, supply bottlenecks, and a widening gap between urban consumers and rural producers.

The piece references a recent study by the Centre for Policy & Business Studies (CPBS), where the author’s own institution is cited for its analysis of price‑stabilisation mechanisms. The study found that the removal of price controls in rice markets had a 12 % increase in price volatility over a two‑year period, leading to significant hardship for low‑income households. Selim also draws on an internal link to the article “The Human Cost of Deregulation” to illustrate how price shocks have impacted household food security, especially in the vulnerable eastern delta regions.

5. Institutional Responses and Policy Recommendations

In an effort to temper the harsh realities of deregulation, the author calls for a balanced approach. He proposes a “dual‑track” system that maintains strategic grain reserves and a price‑stabilisation fund while gradually easing restrictions on non‑staple commodities. Selim stresses the importance of building robust supply‑chain infrastructure – cold storage for fish, improved irrigation for jute, and efficient export licensing for tea – to cushion the shock of market liberalisation.

He also urges the new ministers to keep a keen eye on the “social safety net” mechanisms that have historically mitigated market risks: the National Food Council, the Rural Credit Scheme, and the Smallholder Support Fund. An internal link to the article “Strengthening the Safety Net for Farmers” offers a practical blueprint for ensuring that deregulation does not become a recipe for rural distress.

6. The Role of the CPBS and the Author’s Perspective

While the article is written by a member of the CPBS, it presents an analytical perspective rather than a purely partisan stance. The author frames the policy debate in terms of the broader socio‑economic trajectory of Bangladesh, highlighting the delicate balance between economic growth, social equity, and environmental sustainability. Through the CPBS’s research network, Selim’s piece is positioned as part of a larger policy dialogue that includes think‑tank reports, parliamentary committee findings, and grassroots farmer testimonies.

7. Conclusion: A Call for Pragmatic Governance

Selim concludes that the rise of market fundamentalism, while appealing in theory, cannot be unmoored from the realities of Bangladesh’s agrarian economy. He warns that an unchecked push for deregulation risks undermining food security, widening rural‑urban disparities, and eroding the state’s role as a steward of the nation’s resources. The author calls on the new ministers to adopt a pragmatic, data‑driven approach that blends the efficiencies of market forces with the protective oversight needed to safeguard the most vulnerable segments of society.

In Summary

The Daily Star article offers a thorough examination of the new political appointments and the ideological shift towards market fundamentalism that is now shaping Bangladesh’s commodity markets. By weaving together data, policy analysis, and critical commentary – all backed by internal links to related reports – CPBS Selim paints a nuanced picture of the potential benefits and pitfalls of liberalising commodity regulation. The piece ultimately underscores the need for a balanced, evidence‑based approach that protects both consumers and producers while advancing the country’s development agenda.